Oil price hits low not seen since 2008

Published 11:19 am, Wednesday, January 6, 2016

Pumpjack at sunset Thursday in Midland. James Durbin/Reporter-Telegram

Pumpjack at sunset Thursday in Midland. James Durbin/Reporter-Telegram

Oil price hits low not seen since 2008

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The oil futures market had a tough day Wednesday after West Texas Intermediate contracts for February fell to levels not seen since 2008.

After closing Tuesday at $35.97 a barrel, the price plunged $2 to $33.97 on Wednesday, a decrease of 5.56 percent. It marked the lowest close since Dec. 19, 2008, when it ended at $33.87, according to historical data from the Energy Information Administration.

The Plains All American posted price for WTI fell $2 to $30.50 a barrel. West Texas sour fell $2 to $26.85. The lowest posted price for Texas was South Texas sour, which was priced at $17.75 a barrel.

Brent crude, the benchmark for international oils, ended Wednesday at $34.23 a barrel, down $2.19.